How Budgeting Apps Can Help In Managing Your Finances?
Tell me, is it only me who finds it extremely difficult to manage finances, or do you face the same problem? I’ve been a spendthrift for a better part of my life. And, spending money on unnecessary desires and luxuries gave me great pleasure.
However, as it was almost impossible for me to keep track of my spending, a friend of mine suggested that I try a budgeting app. Honestly, I wasn’t hopeful about it, but I decided to give it a go.
Now, it’s been a couple of years, and that app is still my money manager. I’ve built up savings and even made some small investments. Similarly, I believe such apps can also help you achieve your financial goals.
Anyway, I’ll explain some major upsides of budgeting apps in this article. And, if you’re looking to sort your finances, read on, because this article is going to help you for sure.
Record Your Expenses
My mum used to write monthly expenses in a diary. Honestly, it was tough work, especially when she had to do it every single day. On the other hand, I do the same task every day, but in a smarter way, with the help of budgeting apps.
Such budgeting apps are quite convenient. All you need is to install one on your smartphone. Then, you can access your financials, record expenses, or keep track of your monthly budget from anywhere and at any time.
Additionally, you can even integrate your bank account, credit, or debit cards with budgeting apps. This way, any transaction done from your bank account, credit, or debit card is automatically recorded to your budgeting app.
Monitor Your Expenses
I’ve realized that a spendthrift like me could only be stopped if someone constantly reminded me about the increasing expenses. Honestly, it might be frustrating to be always reminded how much you’ve spent in a week or month. But trust me, it can be the key to smart spending.
As I mentioned above, budgeting apps can record every transaction so you can easily monitor your spending. Additionally, you can also create different expense categories like grocery, transport, utility bills, and more to differentiate between your expenses.
For example, logging the bills every month made me realize that I was overpaying for my internet connection, which frankly was an overkill based on my household and usage. Looking for a new provider, I stumbled across Spectrum.
So, I decided to contact Spectrum Customer Service, which helped me choose the perfect internet plan for my household. And this decision helped me cut down my monthly internet cost by around 40% every month.
Set And Achieve Financial Goals
I mentioned above that a big spender like me was able to save some money and even make a few small investments. Here, I’ll explain how budgeting apps helped me with it.
Budgeting apps can be incredibly helpful to understand where a major chunk of your money goes every month. If you act smart, you can easily find some opportunities to lower your expenses, like I did with my internet bill. And, this is exactly how I was able to find and cut down unnecessary expenses and make small investments.
Additionally, not all, but some top-quality budgeting apps let you integrate investment portfolios. This way, you can constantly analyze how your investments are performing. Plus, I believe making financial decisions becomes particularly easier when you have all the information.
On a sidenote, setting and achieving financial goals can be extremely difficult, especially when they’re unrealistic. As it happened to me several times, I would recommend setting fairly easy goals to start off with, so you can achieve them and don’t lose motivation.
Some Miscellaneous Benefits
Frankly speaking, I can sing more praises of budgeting apps. However, let me move on to wrapping up this article by explaining a few more benefits of budgeting apps.
Firstly, you can pay utility and other bills via most budgeting apps. Also, if you miss the payment deadlines, just ask these apps to remind you, so you can avoid any kind of late-payment fee.
Also, not all, but some financial apps can help you with tax returns as well, especially if you’re running a business and have to deal with invoices. Some financial apps can generate and securely save them in the cloud. This way, you can easily access them when needed.
Last but not least, I know managing your finances can be complex and confusing, especially if you’re doing it for the first time. So, to help people who are clueless about budgeting and effectively managing their finances, such apps can offer helpful write-ups and guides.
To wind up, if you’re worried about your ever-increasing expenses and cannot manage your finances on your own, try budgeting apps. They’ve helped me a lot, and I believe they can help manage your finances as well.
Below, I’ve mentioned some top-quality budgeting apps you should check out:
- Quicken Simplifi
- EveryDollar
- Lunch Money
- Rocket Money
- Monarch
